Indian Cotton Federation has finalised the crop estimate for 2018-19 at 373 lakh bales with each bale weighing 170 kg, president of the federation J Thalasidharan said here Tuesday.

The federation recorded the highest acreage and seed sales were nearly five lakh packets, he said in a press release.

Besides, there has been no major pink bollworm menace as there were close monitoring and quick action, the release said. With production standing at 373 lakh bales and import of 18 lakh bales, the total supply for the current season would be 434 lakh bales, it said.

The demand would be 320 lakh bales for mills and other consumption and 60 lakh bales for raw cotton export, leaving 54 lakh bales as carryover stock, the release said.

The federation arrived at all these estimates as the Cotton Advisory Board has not met for a long time causing uncertainty thereby creating hardship for the trade and the spinning industry, it added.